智通财经APP获悉，国泰海通发布研报称，阿里巴巴-W(09988)于1月15日举办千问App产品发布会，用 户可以通过自然语言指令直接完成现实世界的服务调用，例如"帮我点40杯奶茶"或"预订机票"。这标志 着AI Agent(智能体)技术在C端应用层面的实质性突破，重新定义了AI Assistant的产品形态。国内AI大 模型应用从"内容生成"向"服务触达"的关键跨越，人机交互迎来新拐点，该行认为去年领涨主线有望继 续受益。建议重点关注AI应用。 国泰海通主要观点如下： 千问App宣布全面接入淘宝、支付宝、淘宝闪购、飞猪、高德地图等阿里核心业务板块。接入并非简单 的外链跳转，而是系统级的深度打通。例如，通过内置的"支付宝AI付"功能，用户无需跳出App即可完 成支付。相比竞争对手，阿里凭借其在电商、支付、本地生活领域的深厚积淀，率先构建了"AI+服 务"的商业闭环。这种"最强模型+最富生态"的组合构成了极高的竞争门槛。 流量与入口卡位，冲击"AI时代的Super App" 千问C端月活跃用户数已突破1亿大关，且在年轻群体中增长迅猛，用户主动询问商品推荐月环比增长 300%。通过覆盖点外卖、买东西、订票等高频生 ...

Core Viewpoint - Alibaba is transforming its ecosystem by integrating AI capabilities into its services through the Qianwen app, aiming to create a more efficient and collaborative platform that enhances user experience and retains data within its ecosystem [2][3][8]. Group 1: AI Integration and Functionality - The Qianwen app has been fully integrated with Alibaba's core services, allowing users to perform various tasks such as ordering food and booking tickets without switching between different apps [2][3]. - The goal is to evolve from a "shelf e-commerce" model to a "command e-commerce" model, which would enhance user engagement and keep all transactions within Alibaba's ecosystem [3][4]. - The transition to AI-driven services requires significant improvements in Alibaba's AI models, particularly in decision-making and real-time service response capabilities [5][6]. Group 2: Competitive Landscape and Market Position - The Qianwen C-end business group faces intense competition, with the potential for only a few players to dominate the market [6]. - The traditional model of gaining market share through heavy spending on traffic is no longer effective; companies must focus on enhancing their AI capabilities and resource allocation [6][8]. - Alibaba's strategy involves a "second entrepreneurship" phase, aiming to establish Qianwen as a ubiquitous AI assistant for users in China [7][8]. Group 3: User Experience and Demand - The focus is on addressing high-frequency user needs, such as office tasks and food delivery, to ensure user retention and satisfaction [15][17]. - The company aims to balance efficiency with depth of thought in AI interactions, emphasizing the importance of AI understanding user needs rather than just providing simplistic solutions [10][11]. - Qianwen is positioned as a unified intelligent entry point within Alibaba's ecosystem, with plans to expand its capabilities beyond just internal services [12][14]. Group 4: Future Outlook and Development - Alibaba plans to open Qianwen for external collaborations after the Spring Festival, indicating a willingness to integrate with other ecosystems while maintaining a focus on its own [14]. - The company anticipates that as AI becomes more integrated into daily life, it will create new service increments rather than just reallocating existing services [13][20]. - The long-term vision includes enhancing the AI model's intelligence and user interaction capabilities, aiming for a more personalized and human-like experience [33].

Market Overview - The Hong Kong stock index opened high but closed lower, with the Hang Seng Index down 0.29% at 26,844.96 points, the Hang Seng Tech Index down 0.11% at 5,822.18 points, the National Enterprises Index down 0.5% at 9,220.81 points, and the Red Chip Index down 0.34% at 4,139.41 points [1] Company News - Tencent Holdings (00700.HK) repurchased 1.017 million shares for HKD 636 million at a price range of HKD 619-632 [2] - Xiaomi Group (01810.HK) repurchased 3.9 million shares for HKD 148 million at a price range of HKD 37.86-37.92 [3] - Six Fortune Group (00590.HK) reported a retail value increase of 26%, retail income increase of 17%, and same-store sales increase of 15% in Q3, exceeding expectations [3] - China Southern Airlines (01055.HK) reported a 11.89% increase in passenger capacity and a 19.28% increase in cargo capacity for December 2025 [6] Industry Insights - Tianfeng Securities noted that the Hong Kong stock market has a basis for short-term valuation recovery and sentiment improvement, but upward momentum may be constrained by high overseas interest rates [7] - The firm suggested a focus on technology and consumer sectors that are relatively undervalued [7] - According to Huatai Securities, the market is experiencing a shift towards a bullish sentiment, with historical data indicating a high probability of price increases following a period of panic [8] - Industry recommendations include prioritizing leading companies in the AI sector and exploring opportunities in insurance, banking, energy, and new consumption areas [8]

Core Insights - Qianwen App has integrated with Taobao Flash Purchase and Alipay AI Payment, allowing users to place food orders through natural language commands, streamlining the ordering process [1] - The collaboration addresses the challenge of enabling AI agents to execute transactions securely, moving beyond mere information retrieval to complete service and payment capabilities [1] Group 1: Integration and Functionality - Users can simply state their requests, such as "help me order a cup of milk tea," and the app will recommend suitable merchants and generate orders, facilitating a seamless payment process [1] - The integration of Alipay's AI Payment capability allows for a complete service cycle from product discovery to transaction execution, enhancing the user experience [1] Group 2: Security and User Assurance - Alipay AI Payment reduces operational steps by over 60% compared to traditional methods, minimizing interruptions during the ordering process [2] - A three-tier security system is in place, requiring users to manually bind their accounts, verify identity through facial recognition, fingerprints, or passwords, and supported by a 24/7 risk control system to ensure transaction safety [2] - Alipay offers a commitment of "you dare to pay, I dare to compensate," providing users with peace of mind regarding their transactions [2]

Core Viewpoint - Alibaba's Qianwen APP has integrated with various Alibaba ecosystem services, launching over 400 service functions, marking a significant advancement in AI shopping capabilities [1] Group 1: Company Developments - The Qianwen APP now supports multiple services such as food delivery, shopping, hotel booking, restaurant reservations, and flight purchases through conversational AI [1] - Alibaba's stock price reached $170 per share on January 16, following four consecutive days of price increases [1] - The Hong Kong-listed Alibaba-W has seen a net buy from southbound funds for four consecutive days, with a stock price increase of 12.53% and a total net buy amount of HKD 43.85 billion [1] Group 2: Market Outlook - Multiple institutions are optimistic about the potential of integrating e-commerce with Qianwen's AI capabilities, with Open Source Securities highlighting the significance of this development in reshaping the next generation of e-commerce [1] - The recent announcement of a general commercial agreement (UCP) by Google and Alibaba's Qianwen's shopping capabilities may indicate a transformative shift in the e-commerce landscape [1]

Core Insights - Zhongtai Securities has signed a strategic cooperation agreement with Alibaba Cloud to explore new paradigms in financial technology and set a benchmark for collaboration between the securities industry and the internet ecosystem [1][3]. Group 1: Strategic Partnership - Zhongtai Securities becomes the first domestic securities company to fully embrace AI stack technology, achieving comprehensive integration with cutting-edge AI capabilities [3]. - The partnership aims to reshape customer service experiences and create the "Qianwen Qiantai" investment advisory brand, providing smarter and more personalized solutions for investors [3]. Group 2: AI Integration and Development - The collaboration will focus on multiple key areas, including AI platform construction, corporate financing, capital market operations, and services for the real economy, particularly in wealth management [3]. - Alibaba Cloud's Vice President emphasized that AI should solve problems and create value across various industries, aiming to accelerate the intelligent upgrade of the securities industry through this partnership [4]. Group 3: Professional Insights - At the signing event, Alibaba Cloud's Chief Architect for New Finance provided a professional interpretation of the AI capability construction plan for Zhongtai Securities based on Alibaba Cloud's full-stack AI solutions [5].

Group 1 - The core point of the article is that Alibaba's Qwen App has launched over 400 service functions, marking a transition into the "AI service era" [1] - The Qwen App integrates with Alibaba's ecosystem, including Taobao, Alipay, and Fliggy, enabling AI shopping functionalities such as ordering food, purchasing items, and booking flights and hotels [1] - The app was publicly tested starting November 17, and within just 23 days, it achieved over 30 million monthly active users, making it the fastest-growing AI application globally [1] Group 2 - The Qwen App is built on the Qwen model, which is recognized as the world's first open-source model [1] - Alibaba has established the Qwen C-end business group, led by Vice President Wu Jia, to oversee the app's development and operations [1] - Wu Jia emphasized that AI has evolved to not only think but also perform real-world tasks for users [1]

Core Insights - Alibaba's Qianwen App has launched over 400 service functions, marking its transition into the "AI service era" [1] - The app integrates with Alibaba's ecosystem, allowing users to perform tasks such as ordering food, shopping, booking flights, and hotels through AI [1] - Qianwen App has achieved over 30 million monthly active users within just 23 days of its public beta launch, making it the fastest-growing AI application globally [1] Group 1 - The Qianwen App is based on the Qwen model and has been developed to enhance user interaction with real-world services [1] - The app was publicly tested starting November 17, 2022, and has since seen rapid user adoption [1] - Alibaba has established a dedicated Qianwen C-end business group, led by Vice President Wu Jia [1] Group 2 - The app's functionalities include integration with various Alibaba services such as Taobao, Alipay, and Fliggy [1] - Wu Jia emphasized the app's capability to perform real-world tasks for users, showcasing the practical application of AI technology [1] - The rapid growth in user numbers highlights the increasing demand for AI-driven solutions in everyday tasks [1]

Core Insights - Alibaba has officially launched the latest version of Tongyi Qianwen, integrating over 400 AI functionalities into its core applications, marking a significant transition from a conversational model to a super AI capable of executing real-world tasks [1] - Lenovo plays a crucial role as a long-term partner, providing essential server infrastructure and AI terminal devices, which has led to significant growth in Lenovo's server business [1][3] - The collaboration between Alibaba and Lenovo has evolved from basic hardware supply to a deep integration of customized engineering capabilities for large-scale AI clusters, highlighting Lenovo's importance in Alibaba's AI ambitions [4] Alibaba's AI Development - The new version of Tongyi Qianwen demonstrates remarkable accuracy in complex financial data analysis and legal document generation, showcasing its advanced capabilities [1] - The deployment of AI is shifting from cloud-based solutions to edge devices, indicating a readiness for AI to be integrated into everyday technology [1] Lenovo's Role and Business Impact - Lenovo's ISG (Infrastructure Solutions Group) has become vital in supporting Alibaba's AI infrastructure, particularly through innovations like liquid cooling technology, which enhances energy efficiency in data centers [4] - Lenovo's global supply chain resilience has provided Alibaba with a buffer against geopolitical uncertainties, ensuring the continuity of critical computing power delivery [4] Financial Performance and Market Position - Lenovo's non-PC business revenue has reached 46%, with ISG revenue surging by 65%, driven by strong demand for AI computing infrastructure from cloud service providers [7] - The high demand for AI servers, which have significantly higher average prices and profit margins compared to traditional servers, has improved Lenovo's profitability structure [7] - Lenovo is leveraging its operational capabilities gained from supporting Alibaba to create solutions for traditional industries, enhancing its service business and overall profitability [8] Industry Collaboration and Future Outlook - The partnership between Alibaba and Lenovo reflects a maturation of the Chinese tech industry, moving from competition to deep collaboration [8] - As the AI landscape evolves, the integration of software and hardware becomes essential, positioning Lenovo as a key supplier in the AI era [8]

Core Viewpoint - The integration of Qianwen APP with Alibaba's ecosystem marks a significant shift in the food delivery industry, moving beyond traditional subsidy wars to a new paradigm driven by AI technology [3][6][10]. Group 1: Industry Dynamics - The past decade of food delivery competition has primarily revolved around subsidy wars, where companies compete to offer the most attractive financial incentives to users [3][6]. - The introduction of AI into the food delivery space represents an elevation of competition, focusing on consumer convenience and habit formation rather than just financial incentives [6][10]. - The concept of "habit" is highlighted as a crucial competitive advantage in the business world, where companies aim to create user habits that persist even after subsidies are removed [3][6]. Group 2: AI Integration - AI's role in simplifying the food ordering process is emphasized, as it can understand user preferences and streamline the ordering experience, making it more intuitive and less burdensome for consumers [6][10]. - The integration of AI with platforms like Taobao Flash Purchase allows for a seamless user experience, where consumers can place orders without navigating multiple applications [6][10]. - The necessity for AI to be practical and widely applicable in everyday life is underscored, as true technological transformation occurs when innovations are integrated into common consumer behaviors [7][10]. Group 3: Competitive Advantages - Alibaba's ecosystem, which includes Qianwen, Taobao Flash Purchase, and Alipay, provides a unique competitive edge by ensuring trust and security in transactions, which is critical for consumer acceptance of AI-driven services [10][11]. - The challenges faced by competitors outside of Alibaba are highlighted, particularly the lack of a cohesive ecosystem that combines AI, payment, and delivery services, making it difficult for them to replicate Alibaba's success [10][12]. - The historical context of Alibaba's strategic moves, including the development of its AI capabilities and the evolution of its delivery services, illustrates a well-planned approach to dominate the market [14][15].